EU grand shifts €56 million aids to rehabilitate Cambodia’s socio-economic caused by COVID-19
EU grand shifts €56 million aids to rehabilitate Cambodia’s socio-economic caused by COVID-19
The European Union has decided to shift grand aids worth EUR 56 million from ongoing programs n to join Cambodian government’s prioritized socio-economic rehabilitating measures that were affected by the outbreak of COVID-19.
In a video conference between Her Excellency Ms Carmen Moreno, EU Ambassador to Cambodia and H.E. Academician Aun Pornmoniroth, Deputy Prime Minister and Minister of Economy and Finance, on April 20, 2020, H.E. Carmen Moreno praised and appreciated the success of the Royal Government in putting COVID-19 crisis under control and emphasized the EU’s full support for the Royal Government of Cambodia in its Socioeconomic rehabilitation from the impact of the crisis.
In this spirit, as she added, the EU decided to shift the EUR 56 million grand aids for Cambodia from ongoing programs to support prioritized socio-economic in Cambodia.
In his response to this kind gesture of the EU, the Deputy Prime Minister expressed his warm welcome to the European Union in its excellent cooperation with the Royal Government of Cambodia, especially in light of the current situation in which the world, as well as Cambodia, is coping with the global crisis due to Ivory Coast. 19 (COVID-19).
Reminded that in the socio-economic rehabilitation measures on the effects of the disease 19, the Royal Government of Cambodia has established four working groups. These measures aim to ensure the management of the budget policy and ensure the implementation of social assistance mechanisms during the fight against COVID-19, including the establishment of a multidisciplinary technical working group on the study, development of a monetary package, and Banks to manage and deal with the impact of the future suspension of ‘everything but arms (EBA)’ framework as well.
According to CBRE real estate agents, EBA withdrawal will harm Cambodia’s real estate sector, especially on industrial estates, retail sector, and residential real estate loans. The EBA impact will be exacerbated if this sector will face a high risk in the second quarter of 2020 if the pandemic still continues.
Recently, The government has announced a US$2 billion liquidity adjustment package, with the central bank relaxing its reserve requirement for banks as a measure to address the economic impact effects from COVID-19. (Read more)
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Source: construction property news